Georgian Mining Corporation Placing and Subscription to Raise £380,000 (9164Z)
May 23 2019 - 1:00AM
UK Regulatory
TIDMGEO
RNS Number : 9164Z
Georgian Mining Corporation
23 May 2019
23 May 2019
Georgian Mining Corporation
Placing and Subscription to Raise GBP380,000
Georgian Mining Corporation ('GEO' or the 'Company') is pleased
to announce that it has raised GBP380,000 by way of a placing and
subscription of 19,000,000 new ordinary shares of no par value in
the capital of the Company (the 'Placing Shares'), with new and
existing shareholders in the Company, at a price of 2 pence per
Placing Share (the 'Placing').
Mr Peter Damouni, Non-Executive Director of the Company has
subscribed for 500,000 Placing Shares. Following this purchase, Mr
Damouni's total beneficial ownership in the Company is 907,500
ordinary shares of no par value in the capital of the Company
("Ordinary Shares") representing 0.79% of the Company's issued
share capital.
The net proceeds of the Placing will be primarily used to
sustain operations in Georgia during the extended exploration
permit renewal process, for identifying compelling new assets on
which the Company can add short term value, as well as for general
working capital purposes.
In addition, certain directors of the Company, being Neil
O'Brien, Gregory Kuenzel, Laurence Mutch and Peter Damouni have
agreed to completely write off their accrued compensation for the
past 12 months. Michael Struthers, CEO of the Company, has agreed
to write off part of his compensation for the past 12 months. The
total amount of the write off will total approximately
GBP275,000.
GEO's CEO, Mike Struthers said, "We're pleased to secure further
support from our existing shareholders in this challenging period
for the Company, allowing us to continue to try to unlock the
permitting challenge with the Government in Georgia, and to further
assess the potential for adding new assets into the Company on
which we can add value in the short term. We have an excellent team
in Georgia who are highly motivated and eager to prove themselves.
I hope we can provide them that opportunity for the benefit of all
our shareholders in the near future."
Application for Admission
The Placing Shares will rank pari passu in all respects with the
existing ordinary shares of no par value in the capital of the
Company. Application will be made to the London Stock Exchange for
the Placing Shares to be admitted to trading on AIM ('Admission').
It is expected that Admission will become effective on or around 30
May 2019.
As a result of the issue of the Placing Shares as described
above, the issued share capital of the Company now consists of
133,756,991 ordinary shares of no par value.
Mr Peter Damouni is a non-executive director of the Company, and
is therefore regarded as a related party as defined by the AIM
Rules for Companies (the "AIM Rules"). Mr Damouni's participation
in the Placing is therefore classified as a related party
transaction for the purposes of Rule 13 of the AIM Rules. Michael
Struthers, Greg Kuenzel, Neil O'Brien and Laurie Mutch, being the
independent directors for the purposes of Rule 13, consider, having
consulted with the Company's Nominated Adviser, SP Angel Corporate
Finance LLP, that the terms of the related party transaction are
fair and reasonable insofar as the shareholders of the Company are
concerned.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Peter Damouni
----------------------------------------- -------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
----------------------------------------- -------------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name: Georgian Mining Corporation
----------------------------------------- -------------------------------------
b) LEI: 2138002IOR7OCZZPB279
----------------------------------------- -------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary shares of no
type of instrument: par value
Identification code: VGG9688A1003
----------------------------------------- -------------------------------------
b) Nature of the transaction: Purchase of ordinary
shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
2 pence 500,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 2 pence 500,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 2019-05-22
----------------------------------------- -------------------------------------
f) Place of the transaction: Off-market
----------------------------------------- -------------------------------------
**ENDS**
For further information please visit www.georgianmining.com or
contact:
Mike Struthers Georgian Mining Corporation Company Tel: 020 7907
9327
Ewan Leggat S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Soltan Tagiev S. P. Angel Corporate Nomad & Broker Tel: 020 3470
Finance LLP 0470
Damon Heath Shard Capital Partners Joint Broker Tel: 020 7186
LLP 9950
Camilla Horsfall Blytheweigh PR Tel: 020 7138
3224
Julia Tilley Blytheweigh PR Tel: 020 7138
3553
Simon Woods Blytheweigh PR Tel: 020 7138
3204
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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